Netflix beat forecasts for subscriber growth — its own as well as Wall Street’s — in the third quarter, reaching 214 million worldwide. Revenue matched estimates in the period end…
Along with that global phenomenon, the company announced a push into video games during the quarter, which encouraged investors. Recognizing the need to develop new revenue streams, the company has recently partnered with Walmart on a line of consumer products and also acquired the catalog of children’s author Roald Dahl, eyeing potential franchises.
Netflix faces more competition than ever, especially in the U.S., where at least five billion-dollar rivals have lit up since 2019. In the shareholder letter, the company did not single out any media companies or new streaming services, but acknowledged competition with “a staggeringly large set of activities for consumers’ time and attention.
There was no mention in the shareholder letter of an issue that has put the company on an unstable footing as it starts the final quarter of the year: Dave Chappelle’s controversial comedy special,. A number of transgender employees and others are expected to stage a walkout on Wednesday over the company’s actions related to the special.
The letter did hit on a perennially hot topic: ratings. Later this year, Netfix said, it will shift from reporting the number of households viewing programming to the number of hours viewed. “We think engagement as measured by hours viewed is a slightly better indicator of the overall success of our titles and member satisfaction. It also matches how outside services measure TV viewing and gives proper credit to rewatching.
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